The paper “ Influence of Research on Marketing Strategy and Performance of Organizations Conducting Research vs Ones Not Conducting Research" is a brilliant example of a term paper on marketing. Marketing Research has become a very integral part of business especially for companies looking to launch a product or services. Companies whether big or small perform research as it validates the findings. It helps to evaluate the potential and identifies the area which will help in development. Marketing Research is thus “ the systematic and objective analysis of information related to the product so that important decision can be taken which is related to marketing” .
(Yoon 2008; Jain 2008) Conducting research helps in marketing strategy. It helps to inculcate the changes the research shows thereby changing the policies and actions to be taken. Literature ReviewResearch conducted demonstrates that “ research influences the marketing strategy directly or indirectly through cost leadership, product differentiation or customer orientation while launching a new product” . (Frambach 2003; Prabhu 2003; Verhallen 2003) This study demonstrates that research helps to identify areas that will help to identify the core value the product can be attributed to. A research conducted shows that “ with decreasing customer base organizations to ensure that customers stay back and at the same time a new customer becomes part research needs to be carried out” .
(Considine 1995) This will help to identify areas that need to we worked on. It will also help to evaluate areas where the organization is lacking and will help to grow. Another research shows that “ when research is carried out it helps product manager to achieve better coordination within the department and the implementation of marketing strategy becomes better “ .
(Bristow 1994; Frankwick 1994) This helps to develop marketing strategies that take care of the production unit as well. Influence of Research on Marketing StrategyThe marketing strategy gets affected by the research carried out. Organizations that conduct a research look into various factors and integrating those factors bring about a change in the marketing strategy. This brings about a change in marketing strategy because “ it looks into what people think and thereby design products accordingly” . (Bureau of Labour Statistics 2010) This helps to find the customer requirements and develop products accordingly. For example, it is seen that “ childproof enclosure on children medicine” (Bureau of Labour Statistics 2010) was developed due to research.
Similarly ready to eat foods like different soups and meat products were developed due to the requirements of the customer. This helped to identify the market and brought about a change in the way marketing was carried out. Research carried shows that “ research helps to overcome the limitations of the marketing strategy used as it helps to find out areas which need to be worked at and this along with research provides an agenda and gives a path to follow” .
(Wind 1983; Robertson 1983) this helps to bring about a change in the marketing strategy and focus on areas that will give maximum benefit. Research has also shaped the way small units perform. It has brought about a change in the functioning of those. Conducting the research has changed the basic framework with which they work. It has relatively changed the way work was carried out. It had brought in new ideas and shaped the way the decision was taken.